Update from the comments:
I’d think twice before entering. From the terms and conditions point 2:
By making a submission as part of the TIIMDC, you expressly agree to irrevocably, perpetually and exclusively grant and assign in favour of Texas Instruments (India) Private Limited (TI), without any geographical restriction and on a royalty free basis, all rights, title and interest, including but not limited to patents, designs, mask-works, copyright and rights of reproduction, re-use and moral rights, in respect of the materials, designs and/or ideas submitted by you to TI.
The assign part is very scary. Basically, they ask you to do work without pay and any possibility of using your own work ever again. Free labor lured with a minuscule carrot of winning a price.
Trey German points us in the direction of another international contest, this one sponsored by TI India. It’s dubbed a hunt for an MCU design wizard. As TI explains it:
Every design must have at least 1TI MCU controller (MSP430, C2000, Stellaris,Hercules platforms). Participants are also encouraged to leverage form the vast portfolio of TI’s Analog products (enhanced further by NS acquisition) in this contest. Any company, design house, hobbyist, individual or group of individuals, may enter the Contest
Via the contact form.